BTC

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:25AM in AAT student discussion
Can anyone give me some guidance on capital losses. I seem to have conquered this unit all but the cap losses. keep getting confused on what to carry forward or put against previous years. Panic is now setting in that i will fail on this part.
Many thanks in advance....

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Are you confusing trading losses with "capital losses"

    Capital losses can only be set against capital gains in the same/future accounting periods. They cannot be set against total income. They must be set against the first available gains.

    Trading losses are these three:-

    1. Set-off against current profits
    2. Carry back against earlier profits
    3. Carry forward against future trading profits

    The reliefs above are give in the order shown.

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Dean, thank you SO much for clarifying the difference for me; seems so logical now! really appreciated - you are a true asset to this forum!! :thumbup:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    :D You're welcome :D I try my bestest :oops:

    Regards

    Dean

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